603 Magazine St · Pulaski, VA 24301

$80,000

2 bd · 1.0 ba · 1,159 sqft · SingleFamily · 10 Days on market

Built 1940 0.55 ac lot $69/sqft · 39% below area Est $130k · 39% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice well-kept home in a quite location.

Key facts

• 0.55 acre lot
• Built 1940
• Listed 10 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $542 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Cap rate 14.4% vs local median 5.5% in Pulaski — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 67/100 on livability (#297 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Pulaski County Public School District (rural): math 48% / reading 61% proficiency, ranked #86 of 131 in VA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pulaski Elementary (math 56% / reading 62%, grade B-, #571 of 1,108 statewide, top 52%, 500 students, 81% FRL); Pulaski County Middle (math 38% / reading 60%, grade C-, #238 of 342 statewide, top 71%, 807 students, 77% FRL); Pulaski County Senior High (math 63% / reading 70%, grade B, #195 of 319 statewide, top 62%, 1,246 students, 76% FRL) — zoned schools average 78% FRL vs 47% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 115 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 39 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Pulaski County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $80,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.62% ✓
• Cap rate: 14.42%
• Cash-on-cash: 29.04%
• DSCR: 2.29
• GRM: 5.1

CMA / ARV

• ARV (median comp): $130,277
• List price: $80,000
• Delta: -38.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4033 Brookmont Rd	0.19mi	2/1.0	1,108 (-4%)	2mo	$50,000	$45	82
717 Henry Ave	0.39mi	3/2.0 (+1)	1,128 (-3%)	2mo	$185,000	$164	67
143 Lake St	0.44mi	3/1.0 (+1)	1,119 (-4%)	7mo	$151,000	$135	63
129 Maple St	0.51mi	3/1.0 (+1)	1,143 (-1%)	18mo	$35,000	$31	54
127 State	0.39mi	3/2.0 (+1)	1,000 (-14%)	1mo	$190,000	$190	49
127 State Aly	0.40mi	3/2.0 (+1)	1,000 (-14%)	1mo	$199,000	$199	48
215 11th St NW	0.60mi	3/1.0 (+1)	1,055 (-9%)	7mo	$185,000	$175	46
138 Valley St	0.47mi	3/2.0 (+1)	1,266 (+9%)	13mo	$172,500	$136	43
3307 Extension St	0.55mi	3/1.0 (+1)	1,026 (-12%)	15mo	$125,000	$122	38
125 Fayette St	0.68mi	3/1.0 (+1)	1,036 (-11%)	12mo	$145,000	$140	35
129 Fayette St	0.67mi	3/2.0 (+1)	1,318 (+14%)	3mo	$200,000	$152	34
4313 Brookmont Rd	0.63mi	2/1.0	992 (-14%)	17mo	$110,000	$111	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.4%
• Equity multiple: 1.96×
• Total profit: $21,532
• Equity at exit: $11,928

10-year hold

• IRR: 31.3%
• Equity multiple: 3.82×
• Total profit: $63,103
• Equity at exit: $6,917

Cash invested: $22,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State Virginia: 55 Moderately Landlord-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

VRLTA gives some tenant protections; Northern Virginia courts slower; rural VA landlord-leaning.

Methodology + full state rankings →

ZIP-level market 24301

• Active inventory: 115
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,297 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$30 /mo · $356/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $542

Break-even live

Break-even rent $611

Max offer price $80,000

Occupancy floor 53%

Sensitivity live

Price	-10% $587	-5% $565	+0% $542	+5% $519	+10% $497
Rent	-10% $440	-5% $491	+0% $542	+5% $593	+10% $644
Rate	-1.0pp $582	-0.5pp $562	base $542	+0.5pp $521	+1.0pp $500

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34 1st St NE Pulaski, VA	1.0	1.0–1.5	696	$1,225	$1.76	45d	4	0.59mi
500 Pico Ter Pulaski, VA	3.0	1.0–2.0	882	$1,390	$1.58	45d	11	0.97mi

Listing history 4 events

1. 2026-05-16
   status Pending 40-char remark

   Show marketing remark (40 chars)

   Nice well-kept home in a quite location.

2. 2026-05-06
   status Active 40-char remark

   Show marketing remark (40 chars)

   Nice well-kept home in a quite location.

3. 2026-04-06
   status Pending 40-char remark

   Show marketing remark (40 chars)

   Nice well-kept home in a quite location.

4. 2026-04-05
   listed $80,000 Active 40-char remark

   Show marketing remark (40 chars)

   Nice well-kept home in a quite location.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast VA · Resets to sale price

• Current annual tax: $356 · $30/mo
• Projected year-2 tax: $656 · $55/mo
• Expected delta: +$300/yr (+$25/mo · 84.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 8 d/yr ≥93°F today · 23 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,562
• − Mortgage interest: −$4,481
• − Property taxes: −$356
• − Insurance: −$400
• − Repairs & maintenance: −$1,245
• − Management: −$1,245
• − Depreciation: −$2,327
• Taxable income: $5,508
• Est. tax owed @ 24.0%: −$1,322
• After-tax cash flow: $5,182/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Pulaski County Public School District
• NCES district ID: 5103150
• Math proficiency: 48% ▼ -31.00%
• Reading proficiency: 61% ▼ -13.00%
• Median HH income: $44,912
• Composite: 45.98/100
• National rank: #2537
• State rank: #86 of 131 in VA

Livability — Pulaski

• Score: 67/100
• State rank: #297
• US rank: #10639

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D+ Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pulaski, VA
• Population (ZIP): 13,370

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 32,949 people
• By 2030: 31,812 · -3.5%
• By 2040: 29,224 · -11.3%
• By 2050: 26,691 · -19.0%
• By 2075: 21,312 · -35.3%
• By 2100: 15,697 · -52.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Black 4% Hispanic / Latino 3%
• Common ancestry: Serbian 2% Italian 2% Iranian 1%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Pulaski

• 2024 margin: Solid R (+44.7) · D 27.3% · R 72.0%
• 2008→2024 swing: -25.1pp toward R · 2008: -19.5pp · 2024: -44.7pp
• All cycles: 2024: R+44.7 2020: R+41.5 2016: R+40.7 2012: R+24.8 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.98%
• Current HPI: 144.6556
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

Industry mix (Fortune 500 HQ in VA)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	4	$236B
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

4 events — show timeline

• 2026-05-16 Pending — NRVMLS
• 2026-05-06 Relisted — NRVMLS
• 2026-04-06 Pending — NRVMLS
• 2026-04-05 Listed $80,000 NRVMLS

Property tax history

+2.0%/yr

Latest (2026): $356 · +0.0% YoY. Source: county tax records.